Viacom’s Philippe Dauman Makes $33.45M In 2012, A 22.4% Cut

The drop reflects a decline in one-time stock awards and non-equity incentives — and isn’t a reflection of the company’s view of the CEO’s performance — according to the proxy statement Viacom just filed at the SEC. Viacom shares appreciated 31.7% in the fiscal year that ended in September while the S&P 500 was up 26.8%; the company pegs the total shareholder return at 41.5%. Still, Philippe Dauman‘s compensation package is the lowest it has been since 2008. The total breaks down into $3.5M in salary, $10.27M in annual stock awards, $1.85M in one-time stock, $6M in annual option awards, $11.5M in non-equity incentives, $54,720 change in pension value, and $269,363 in other compensation. Nearly all of the “other” payment comes from Dauman’s personal use of the Viacom aircraft, which the company says is needed “for security reasons.” The package comes to about 2.5 times the median for the other top Viacom executives, which is in a range that corporate governance watchdogs consider to be acceptable. But the numbers are lopsided: They include Chairman Sumner Redstone’s $20.42M (-2.8%) and COO Tom Dooley’s $26.3M (-22.8%) — with a sharp drop to General Counsel Michael Fricklas’ $6.78M (-13.8%), and CFO James Barge’s $2.68M (-12.0%) for the work he did before leaving in November. The proxy says that shareholders haven’t submitted any resolutions to be voted on at the annual meeting, to be held March 21 at Paramount Pictures in Hollywood.